GHASALC income rises 89% to GH¢1.84m as sector prepares for 2027 reforms

The Ghana Association of Savings and Loans Companies (GHASALC) has reported a remarkable 89% increase in revenue, reaching GH¢1.84 million in 2025. This surge in income follows a surge in membership dues and other sources of revenue. Board Chairman Dr. Fred Safo-Kantanka credited the board and committee members for their dedication in achieving the improved financial standing.

However, he cautioned that prudence must be exercised in managing the financial resources moving forward. GHASALC is preparing for upcoming regulatory reforms set to take effect in 2027. The association's CEO, Tweneboah Kodua Boakye, stated that the industry is undergoing changes in structure, regulation, technology, customers, and more.

The association plans to transform itself to become the industry's voice, knowledge hub, advocacy platform, and strategic partner. The Bank of Ghana's second deputy governor, Matilda Asante, noted that reforms aim to consolidate the sector into defined categories, such as microfinance banks, community banks, credit unions, and last-mile providers.

Each category will have specific mandates and consistent regulatory expectations. The bank plans to engage with stakeholders to resolve any outstanding concerns surrounding the reforms.